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OIL
OPEC+ crude production fell 210,000 b/d m/m to 41.04 million b/d in April according to a Platts survey.
- The survey showed OPEC+ countries implementing cuts produced 249,000 b/d above quota in April – a compliance rate of 96.97%. This compares with compliance of 97.9% in March.
- Russia missed its target and Iraq and Kazakhstan continued to produce significantly above their quotas the survey found but OPEC+ production was at its lowest since August.
- OPEC produced 26.63 million b/d in April, down 30,000 b/d from March volumes. Its non-OPEC allies led by Russia added 14.41 million b/d – down 180,000 b/d on month.
- The deepest cuts came from Russia. It lowered production by 130,000 b/d to 9.29 million b/d in April - missing its target of 9.099 million b/d but the lowest since May of last year.
- Saudi Arabia continued to comply with its quota, cutting output by 10,000 b/d to 8.98 million b/d in April.
Source: Platts
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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